**Marvin Company's Inventory Calculation**Marvin Company has a beginning inventory of 14 sets of paints with a cost of $1.60 each. During the year, the store purchased additional sets as follows:- 6 sets at $1.70- 8 sets at $2.30- 8 sets at $2.60- 12 sets at $3.10By the end of the year, 32 sets were sold.### a. Calculate the number of paint sets in ending inventory.- **Number of paint sets**: [Input Box]### b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. **Note**: Round your answers to the nearest cent.| Calculation Method | Cost ||-----------------------------------------------|---------------------------------------|| Cost of ending inventory under LIFO | [Input Box] || Cost of ending inventory under FIFO | [Input Box] || Cost of ending inventory under Weighted Average | [Input Box] |

Calculation of no. of ending inventory: Opening stock 14 sets Add: purchase (6+8+8+12) 34 sets…

Marvin Company has a beginning inventory of 14 sets of paints at a cost of $1.60 each. During the year, the store purchased 6 sets at $1.70, 8 sets at $2.30, 8 sets at $2.60, and 12 sets at $3.10. By the end of the year, 32 sets were sold. a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Average

Marvin Company has a beginning inventory of 14 sets of paints at a cost of $1.60 each. During the year, the store purchased 6 sets at $1.70, 8 sets at $2.30, 8 sets at $2.60, and 12 sets at $3.10. By the end of the year, 32 sets were sold. a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Average

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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